What would I do if I won 1 million?

This is a great ‘thought experiment’ by The Saving Ninja. What would I do if I won a million pounds?

Where am I getting the million smackerooni’s?

I do not play the lottery.  But for those who do, what are the chances of actually ever winning? Spoiler – not much!

Dr. Liberty Vittert gave the answer in a Ted Talk at my home city of Glasgow.  It is a 1 in 45 million chance. She visualized it by describing it as paying £2 for the pleasure of closing your eyes and attempting to pull out the single golden grain of rice from a bathtub full of rice. Consequently, my direct debit for the lottery was canceled, saving me £208 a year.

I would like to make a shout out to any relatives, perhaps a relative in a whiskey empire, who need to give some money out too? Get in touch, I could do with the milly.

What would I do with the money?

My whiskey empire long lost relative has left in their will a million for me. Great news – not on the death of course.

I would start by putting £250k towards a house. I am currently in the ‘looking for my first house’ section of my life. This would probably allow me to go up a level in house price and get a house I want quicker. The added benefit would be that the house would be paid for in cash, and that’s it out of the way.

Furthermore, I would then put £50k aside as an emergency fund.

My ‘strategy’ for the majority of the remaining money (£700k) would be to invest as much of the money as possible and utilize the passive income. The passive income would be mainly used to top up my savings and pension. This is where the ‘Tax Alarm Bell’ starts ringing!

The Fire Starter blog has done a detailed post on using ISA’s/SIPP’s etc and is worth checking out if you are interested in more detail. I may also call in some favors from one or two of my personal tax accountant friends. I am all for paying a fair share of tax, so wouldn’t look to do anything in that will get me on a Panorama investigation special.

On the fun side, I would be using some of the passive income to boost the holiday budget on some mind-blowing travels. I am talking – New Zealand’s South Island & driving across USA style holiday.

I would also look to donate a % of the passive income to charity. Instead of donating up front a slice of the money, my logic is that a when I die, I will hopefully leave a healthy chunk of money down the family tree.  Hopefully, those i pass it on to will continue to donate and this will be a legacy that will be passed on down the tree.

Would I quit my job?

No, it would allow me to move into retirement a lot sooner than expected though and/or alternatively moving to a part-time role until retirement.


  • I’d buy a house.
  • Stash some money in an emergency fund.
  • Invest the rest and utilize the passive income.

What do you think of my plan? What would you do?

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